AST SpaceMobile (NASDAQ:ASTS) Stock Price Down 0.8% – Here’s Why

AST SpaceMobile, Inc. (NASDAQ:ASTS) was down 0.8% during mid-day trading on Thursday . The stock traded as low as $23.21 and last traded at $23.39. Approximately 2,010,467 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 10,638,985 shares. The stock had previously closed at $23.58.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. B. Riley upped their price objective on AST SpaceMobile from $26.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Scotiabank reduced their price objective on AST SpaceMobile from $45.90 to $44.70 and set a “sector outperform” rating for the company in a report on Friday, November 15th. Deutsche Bank Aktiengesellschaft raised their price target on shares of AST SpaceMobile from $22.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, UBS Group boosted their target price on shares of AST SpaceMobile from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

AST SpaceMobile Trading Down 0.2 %

The business’s fifty day moving average is $25.37 and its 200-day moving average is $19.07. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.31.

Insider Transactions at AST SpaceMobile

In other AST SpaceMobile news, President Scott Wisniewski sold 2,700 shares of AST SpaceMobile stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $23.12, for a total transaction of $62,424.00. Following the transaction, the president now owns 712,660 shares of the company’s stock, valued at $16,476,699.20. The trade was a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Adriana Cisneros purchased 4,934 shares of the company’s stock in a transaction on Friday, September 6th. The stock was purchased at an average price of $26.32 per share, with a total value of $129,862.88. Following the completion of the transaction, the director now owns 774,772 shares of the company’s stock, valued at approximately $20,391,999.04. This trade represents a 0.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 127,700 shares of company stock worth $3,220,524 in the last 90 days. 41.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Sunbelt Securities Inc. increased its stake in AST SpaceMobile by 3,380.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,480 shares of the company’s stock worth $91,000 after buying an additional 3,380 shares in the last quarter. Geode Capital Management LLC grew its position in shares of AST SpaceMobile by 9.4% during the third quarter. Geode Capital Management LLC now owns 3,267,066 shares of the company’s stock worth $85,450,000 after purchasing an additional 281,749 shares in the last quarter. K2 Principal Fund L.P. bought a new stake in AST SpaceMobile during the 3rd quarter valued at approximately $232,000. Weiss Asset Management LP purchased a new position in AST SpaceMobile in the 3rd quarter worth approximately $1,308,000. Finally, State Street Corp boosted its stake in AST SpaceMobile by 14.8% in the 3rd quarter. State Street Corp now owns 3,091,577 shares of the company’s stock worth $80,845,000 after purchasing an additional 399,713 shares during the period. Hedge funds and other institutional investors own 60.95% of the company’s stock.

AST SpaceMobile Company Profile

AST SpaceMobile, Inc, together with its subsidiaries, develops and provides access to a space-based cellular broadband network for smartphones in the United States. Its SpaceMobile service provides cellular broadband services to end-users who are out of terrestrial cellular coverage. The company was founded in 2017 and is headquartered in Midland, Texas.